ViacomCBS targets 65-75 million streaming subscribers by 2024 as Paramount + prepares to launch

ViacomCBS predicts that streaming subscribers will increase to 65-75 million, mostly at Paramount +, as the company unveiled its new direct-to-consumer service which launches on March 4.

The company will increase its investment in pure streaming content to $ 5 billion in 2024 from $ 1 billion last year and that could accelerate if its services exceed subscriber growth targets, the company said. Chief Financial Officer Naveen Chopra for the closing of a general presentation. This is part of the company’s total content spend, which was around $ 15 billion last year. He declined to stop streaming, but said the mix would change.

It’s a lofty goal, above the stated budget of other new streaming services like WarnerMedia’s HBO Max and NBCUniversal’s Peacock, though well below Netflix’s $ 19 billion.

Paramount + Programming: TV shows and movies that will air on the ViacomCBS service

The goal is for ViacomCBS to increase its total streaming revenue north of $ 7 billion by the end of 2024 through a combination of ad and subscription revenue. This will come as Pluto reaches 100 to 120 million expected global monthly active users that year, up from 43 million in 2020.

In the US, Paramount + will launch with a group of sponsors including General Motors, Expedia, and Procter & Gamble.

As Wall Street analysts peppered Chopra and CEO Bob Bakish with questions about Paramount + pricing, growth and strategy at the end of the day, the duo highlighted a few key talking points:

-The decision to combine Paramount + with Showtime in international markets but to separate them in the United States was very deliberate. “Right now we like split play. In the United States, this will allow us to generate greater overall revenues and maintain real positioning power in relation to the competitive landscape, ”said Bakish. Showtime will host more edgy fare like the Yellowjackets – which he called “Classic Showtime – more daring, riskier, a little more visually shocking, meaning less mainstream.” Halo, on the other hand, is heading to Paramount +.

-ViacomCBS has been criticized for authorizing some of its flagship content, Yellowstone at South Park and iCarly, to third parties. It will happen less, said Bakish, but stop. “It’s a change… but that doesn’t mean we already exist,” which provides money and a platform. As a new version of iCarly going forward for Paramount +, “We have previous seasons on a great streamer [Netflix] and that, hopefully, helps in the development of the franchise. “

-Although the field is crowded, the number of banners per household has increased – from three to four last year – and tends to five. Some American homes have at least three departments, Bakish said. Paramount has the studio, library, distribution and local resources and connections to be competitive, he added.

Paramount + will feature a catalog of over 30,000 episodes, 2,500 film titles and over 1,000 live sporting events, as well as 24-hour news coverage. It will debut in Latin America and Canada also on March 4, in the Nordic countries on March 25 and in Australia later this year.

Dade Hayes contributed to this report

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